The office of Manhattan District Attorney Cyrus Vance has been investigating the Trump Organization over allegations of fraudulent actions related to tax and other business matters.
This news was first published by the newspaper Washington Post, It cited two people who knew about the matter, the arbitral tribunal was recently formed and is expected to work for about six months.
The new grand jury is the latest sign that criminal investigations against the former Republican president and his company, the Trump Organization, are gaining momentum.
The development shows that the Manhattan District Attorney's Office is moving towards prosecution after a two-year investigation, including a lengthy court battle to obtain Trump's tax records.
Vance's office declined to comment.
"This is purely political, and an affront to the nearly 75 million voters who supported me in the Presidential Election, and it's being driven by highly partisan Democrat prosecutors", Trump charged in his statement.
The Post reports the Manhattan DA is scrutinising whether the value of Trump Organisation properties were manipulated to defraud banks, insurance companies or tax authorities. A message seeking comment was left with Trump's lawyer.
Trump claims that the investigation is a "witch hunt".
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"New York City and State are suffering the highest crime rates in their history, and instead of going after murderers, drug dealers, human traffickers, and others, they come after Donald Trump", the former president continued.
Mr Vance's criminal investigation began in 2018, after Mr Trump's lawyer, Michael Cohen, pleaded guilty to charges stemming from hush-money payoffs made during the 2016 campaign to women who said they had affairs with Mr Trump years earlier. An election next month is all but certain to determine who that will be.
"This is purely political, and an affront to the nearly 75 million voters who supported me in the Presidential Election, and it's being driven by highly partisan Democrat prosecutors", Trump closed.
Vence's research seems to have focused on Trump's longtime chief financial officer Allen Weisselberg in recent weeks.
James, a Democrat, said her office also is continuing its civil investigation into Trump.
His former daughter-in-law, Jen Weisselberg, has given investigators reams of documents as they look into how some Trump employees were compensated with apartments or school tuition.
"It has been unfairly attacked and abused by a corrupt political system", Trump said in a statement last week.